Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018

Overview

The Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018 is a notifiable instrument introduced to address the need for clear and effective standing arrangements in the event of the absence of the Chairperson of the Australian Securities and Investments Commission (ASIC). Enacted in 2018 by Kelly O’Dwyer, the Minister for Revenue and Financial Services, Minister for Women, and Minister Assisting the Prime Minister for the Public Service, under section 117 of the Australian Securities and Investments Commission Act 2001, this instrument aims to ensure continuity in leadership at ASIC by providing a clear framework for acting appointments during periods when the Chairperson is unavailable. The policy objective is to maintain the regulatory and operational functions of ASIC without disruption, thereby preserving financial market integrity and investor confidence.

Scope and Application

This notifiable instrument pertains to the Australian Securities and Investments Commission (ASIC), focusing on the appointment of acting chairpersons in the absence of the current Chairperson. It applies to the Deputy Chairperson and the longest-serving member of ASIC, who are tasked with acting as Chairperson when the incumbent is unavailable. The instrument revokes all previous appointments made under section 117 of the Australian Securities and Investments Commission Act 2001, establishing a clear line of succession for the leadership of ASIC. It operates within the Commonwealth jurisdiction and its provisions are activated upon registration on the Federal Register of Legislation. No exclusions, exemptions, or thresholds are specified in this particular instrument, but its application may be further defined through subordinate legislation if necessary.

Key Provisions

The main provisions of the Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018I (F2018N00008) revolve around the appointment of acting Chairpersons of the Australian Securities and Investments Commission (ASIC) during periods when the Chairperson is absent from office. According to section (a), this instrument revokes all previous appointments made under section 117 of the Australian Securities and Investments Commission Act 2001, ensuring that only the current arrangements are in effect. Section (b) stipulates that the Deputy Chairperson, if not absent from office, will act as the Chairperson during any absence of the Chairperson. If the Deputy Chairperson is also absent, section (c) mandates that the longest serving member of ASIC, who is not absent from office, will act as Chairperson. The Act imposes specific obligations on the parties it governs. For instance, the Deputy Chairperson and the longest serving member of ASIC have defined roles in acting as Chairperson during the absence of the Chairperson. These individuals must be available and capable of fulfilling the responsibilities associated with the Chairperson role during their respective periods of acting in that capacity. Additionally, the Act ensures that there are no conflicts of interest and that the acting arrangements are transparent and legally sound, as per the legislative framework provided by the Australian Securities and Investments Commission Act 2001. In terms of breaches and consequences, the Act itself does not explicitly outline specific offences, penalties, or consequences for non-compliance with the acting arrangements. However, any failure to adhere to the statutory requirements could potentially lead to legal challenges or disputes regarding the validity of decisions made during the acting period. Such challenges could be pursued under the broader provisions of the Australian Securities and Investments Commission Act 2001 or other relevant legislation. The maximum penalties would depend on the nature of the breach and would be determined by the courts in accordance with applicable laws.